The property market hits a new low for sellers next week as an end terrace house in Portlaoise goes on offer for a paltry €10,000.
No. 65 O’Moore Place, off the Mountmellick road, is lot number 96 in a sale of distressed property by Allsop Space, in the Shelbourne Hotel in Dublin next Thursday, March 1.
The boarded up house is described as a two storey end of terrace house, with a front garden and yard to the rear.
Auctioneers say it is centrally located in Portlaoise, approximately 1km from the town centre. It is originally a council house, that was since privately owned.
Sinn Féin Town Cllr Caroline Dwane welcomed the house coming on the market, as she said it has attracted anti-social behaviour while it was unoccupied.
“The house is absolutely derelict, There was water running inside it for a year, the inside is destroyed. The residents would be delighted if the house was back under council ownership,” she said.
Cllr Dwane noted that though the price seemed attractive, Laois County Council would have to examine the property before deciding if it was worthy of buying and renovating.
“Value for money is a big issue. The council would have to carry out a full survey and work out how much it would cost to make it habitable,” she said.
Local auctioneer Matt Dunne has voiced his concerns that the low reserves set by Allsops are further devaluing the Irish property market.
“Here we have an English based auction house being instructed to sell Irish properties for ridiculous prices. It’s giving them away. We local auctioneers try to get as much as we can for our clients, but the value of any estate is it’s weakest link. These low prices set a precedent that goes out in waves through the property market,” he said.
The Port based auctioneer is also annoyed that the sale is not conducted by a local auction house.
“To add insult to injury, whatever fees are made are leaving the country,” he said.
The Portlaoise house is one of four properties to go under the hammer at the Allsop Space Auctions. Three Abbeyleix homes, all in the same estate are including in the catalogue. Two of those at Grallow wood are three bedroomed semi detached homes with a reserve not to exceed 50 thousand euro. While a third house, a four bedroom home is up for €100,000.